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Wednesday, 16 July 14
INDIA BUDGET HAS LIMITED SHORT TERM IMPACT ON POWER SECTOR - FITCH RATINGS
 Fitch Ratings says that the measures announced relating to India's electricity sector in the budget for FY2015 are directionally correct but involve relatively small steps or lack specifics to support a meaningful improvement in the short-term. There are entrenched structural issues affecting the performance of the power sector of India and the solution would require a sustained and disciplined policy focus.
Fitch Ratings further said in its latest report that, the Indian budget for FY15, the finance minister announced several measures for the power sector. These include an extension of the tax holiday for power projects to March 2017 from March 2015, which we consider to be positive for investment activity. The budget also called for the provision of adequate quantity of coal to power plants commissioned by March 2015. However, the budget lacked very specific measures detailing how this will be achieved.
Fitch believes that it will not be possible to raise the production of coal significantly within a year. Aside from inadequate domestic production, infrastructure bottlenecks such as rail infrastructure also continue to act as a constraint to ensuring adequate coal supplies to power plants. Among the announced measures is the rationalisation of coal linkages to reduce transportation costs of coal; while this is a good measure, we believe such a reallocation of coal resources would have operational issues and can take some time to achieve.
Domestic coal production is much lower than the requirements of the power sector, and hence we think the coal shortage at various power plants will continue. India's total coal based power capacity at April 2014 was around 140 gigawatts (GW). This is expected to increase by around 15GW per year, which would require an additional 60 million tonnes of coal. There needs to be a sustained and long term plan in order to consistently increase domestic coal production.
The new administration has intensified pressure on Coal India Limited to improve its coal delivery. At the same time, the agency understands the government may revive coal pooling (i.e. pooled prices by combining both domestic and imported coal) as the country will have to import higher quantities of coal to support demand given that domestic production may be slow to ramp-up.
India also has around 20GW of gas based power plants which are severely affected due to the low availability of domestic gas. The budget also focuses on the renewable sector - most notably solar - for which there is an allocation of INR10bn for setting up solar plants in a few states and solar power driven agricultural pump sets.
The entire ecosystem of the power sector - from generation to distribution - needs to be strengthened. The financial health of the various state utilities needs to be improved through tariff rationalization and by addressing transmission and distribution losses.
About Fitch Ratings
For 100 years, Fitch Ratings has been making the future a little more predictable through independent and prospective credit ratings, commentary and research. Our global expertise draws on local market knowledge and spans the fixed-income universe. The additional context, perspective and insights we provide have helped the world’s investors fund a century of growth.
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Wednesday, 23 July 14
WEEKLY SHIPPING MARKET INSIGHT - INTERMODAL
In Australia, the world’s largest mining group, BHP Billiton, will beat the iron ore export target of more than 220 million tonnes for 2014. ...
Wednesday, 23 July 14
HARD COAL 2013: THE WORLD'S SECOND-MOST IMPORTANT ENERGY SOURCE AND GUARANTOR FOR THE SECURITY OF ENERGY SUPPLIES DURING TIMES OF CRISIS
Hard coal is again in 2013 the fastest-growing fossil primary energy source in the world. As shown in the BP Statistical Review 2014, it covered ab ...
Tuesday, 22 July 14
INDONESIAN ELECTION RESULT ENCOURAGING FOR FOREIGN INVESTMENT IN ENERGY AND MINING SECTORS - WOOD MACKENZIE
Joko Widodo-Jusuf Kalla has been announced as the official winner of Indonesia's presidential election. Joko Widodo, or Jokowi, is viewed as a ...
Tuesday, 22 July 14
THE CURRENT COAL PRICES ARE UNPROFITABLE FOR MINERS; COAL PRICES WILL GRADUALLY INCREASE - FITCH
COALspot.com: The Fitch Ratings expect the benchmark Newcastle coal prices (currently at about USD70/MT) to gradually increase.
Fitch's la ...
Tuesday, 22 July 14
SUB-BIT FOB INDONESIA COAL Q3' 14 DOWN 5.21%; Q4' 14 DOWN 3.56%; Q1' 15 DOWN 4.75% M-O-M
COALspot.com: Indonesian coal swaps for average Q3’ 2014 flat on day, weak week on week and on month according to AsiaClear OTC coal swap' ...
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- Energy Development Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Bangladesh Power Developement Board
- PowerSource Philippines DevCo
- Central Java Power - Indonesia
- Ambuja Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Metalloyd Limited - United Kingdom
- Vizag Seaport Private Limited - India
- Ceylon Electricity Board - Sri Lanka
- Kumho Petrochemical, South Korea
- Gujarat Sidhee Cement - India
- Grasim Industreis Ltd - India
- Altura Mining Limited, Indonesia
- Thiess Contractors Indonesia
- Larsen & Toubro Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Savvy Resources Ltd - HongKong
- Siam City Cement PLC, Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sarangani Energy Corporation, Philippines
- Parliament of New Zealand
- Meenaskhi Energy Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- San Jose City I Power Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Leighton Contractors Pty Ltd - Australia
- Marubeni Corporation - India
- Ministry of Transport, Egypt
- Maheswari Brothers Coal Limited - India
- European Bulk Services B.V. - Netherlands
- Holcim Trading Pte Ltd - Singapore
- Indo Tambangraya Megah - Indonesia
- Sical Logistics Limited - India
- Aboitiz Power Corporation - Philippines
- The University of Queensland
- South Luzon Thermal Energy Corporation
- Parry Sugars Refinery, India
- Xindia Steels Limited - India
- White Energy Company Limited
- Bulk Trading Sa - Switzerland
- Indogreen Group - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Directorate General of MIneral and Coal - Indonesia
- Aditya Birla Group - India
- Romanian Commodities Exchange
- Formosa Plastics Group - Taiwan
- Salva Resources Pvt Ltd - India
- Mercuria Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Dalmia Cement Bharat India
- TeaM Sual Corporation - Philippines
- London Commodity Brokers - England
- Coalindo Energy - Indonesia
- Riau Bara Harum - Indonesia
- PNOC Exploration Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Posco Energy - South Korea
- Essar Steel Hazira Ltd - India
- PTC India Limited - India
- The Treasury - Australian Government
- Indian Oil Corporation Limited
- Ministry of Finance - Indonesia
- Eastern Coal Council - USA
- Iligan Light & Power Inc, Philippines
- Videocon Industries ltd - India
- Coal and Oil Company - UAE
- Kalimantan Lumbung Energi - Indonesia
- MS Steel International - UAE
- Renaissance Capital - South Africa
- Bhushan Steel Limited - India
- Samtan Co., Ltd - South Korea
- IHS Mccloskey Coal Group - USA
- PetroVietnam Power Coal Import and Supply Company
- Uttam Galva Steels Limited - India
- Orica Australia Pty. Ltd.
- Star Paper Mills Limited - India
- Alfred C Toepfer International GmbH - Germany
- Jindal Steel & Power Ltd - India
- Price Waterhouse Coopers - Russia
- Oldendorff Carriers - Singapore
- McConnell Dowell - Australia
- Attock Cement Pakistan Limited
- Indonesian Coal Mining Association
- Krishnapatnam Port Company Ltd. - India
- Minerals Council of Australia
- Timah Investasi Mineral - Indoneisa
- GMR Energy Limited - India
- Simpson Spence & Young - Indonesia
- SMG Consultants - Indonesia
- Toyota Tsusho Corporation, Japan
- Sakthi Sugars Limited - India
- Gujarat Electricity Regulatory Commission - India
- Electricity Authority, New Zealand
- GVK Power & Infra Limited - India
- Edison Trading Spa - Italy
- GAC Shipping (India) Pvt Ltd
- Madhucon Powers Ltd - India
- Sindya Power Generating Company Private Ltd
- Rio Tinto Coal - Australia
- Borneo Indobara - Indonesia
- Directorate Of Revenue Intelligence - India
- ASAPP Information Group - India
- LBH Netherlands Bv - Netherlands
- Sinarmas Energy and Mining - Indonesia
- Tata Chemicals Ltd - India
- SMC Global Power, Philippines
- Kobexindo Tractors - Indoneisa
- ICICI Bank Limited - India
- Trasteel International SA, Italy
- Deloitte Consulting - India
- Antam Resourcindo - Indonesia
- Merrill Lynch Commodities Europe
- Carbofer General Trading SA - India
- Independent Power Producers Association of India
- Bayan Resources Tbk. - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Wilmar Investment Holdings
- Bhatia International Limited - India
- Goldman Sachs - Singapore
- Latin American Coal - Colombia
- Coastal Gujarat Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Kaltim Prima Coal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Malabar Cements Ltd - India
- Bhoruka Overseas - Indonesia
- Intertek Mineral Services - Indonesia
- CNBM International Corporation - China
- Global Business Power Corporation, Philippines
- VISA Power Limited - India
- Agrawal Coal Company - India
- Manunggal Multi Energi - Indonesia
- Mercator Lines Limited - India
- Kepco SPC Power Corporation, Philippines
- Planning Commission, India
- Economic Council, Georgia
- Lanco Infratech Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Pendopo Energi Batubara - Indonesia
- Barasentosa Lestari - Indonesia
- Heidelberg Cement - Germany
- Global Green Power PLC Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Africa Commodities Group - South Africa
- Eastern Energy - Thailand
- Vedanta Resources Plc - India
- Tamil Nadu electricity Board
- Australian Coal Association
- Cement Manufacturers Association - India
- Bharathi Cement Corporation - India
- Power Finance Corporation Ltd., India
- Interocean Group of Companies - India
- Chamber of Mines of South Africa
- New Zealand Coal & Carbon
- CIMB Investment Bank - Malaysia
- Indika Energy - Indonesia
- Baramulti Group, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Wood Mackenzie - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Commonwealth Bank - Australia
- Rashtriya Ispat Nigam Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Binh Thuan Hamico - Vietnam
- Bukit Makmur.PT - Indonesia
- Australian Commodity Traders Exchange
- Indian Energy Exchange, India
- IEA Clean Coal Centre - UK
- Georgia Ports Authority, United States
- Chettinad Cement Corporation Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Jaiprakash Power Ventures ltd
- Petron Corporation, Philippines
- Makarim & Taira - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- SN Aboitiz Power Inc, Philippines
- Singapore Mercantile Exchange
- Neyveli Lignite Corporation Ltd, - India
- Globalindo Alam Lestari - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Sojitz Corporation - Japan
- Port Waratah Coal Services - Australia
- Straits Asia Resources Limited - Singapore
- Electricity Generating Authority of Thailand
- AsiaOL BioFuels Corp., Philippines
- Anglo American - United Kingdom
- Siam City Cement - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Bukit Baiduri Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- India Bulls Power Limited - India
- Global Coal Blending Company Limited - Australia
- Banpu Public Company Limited - Thailand
- Orica Mining Services - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Medco Energi Mining Internasional
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Meralco Power Generation, Philippines
- Central Electricity Authority - India
- GN Power Mariveles Coal Plant, Philippines
- Therma Luzon, Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Standard Chartered Bank - UAE
- Mjunction Services Limited - India
- The State Trading Corporation of India Ltd
- Ind-Barath Power Infra Limited - India
- Thai Mozambique Logistica
- Mintek Dendrill Indonesia
- Ministry of Mines - Canada
- Energy Link Ltd, New Zealand
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